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Germantown IDB votes to refer economic impact plan for "The Standard" with $35.5M incremental cap
Summary
After public comment and technical briefings, the Germantown Industrial Development Board voted unanimously to approve an economic impact plan for "The Standard of Germantown" and to forward the plan and a resolution recommending approval to the Board of Mayor and Aldermen and the Shelby County Commission. The motion includes a maximum incremental tax cap of $35,500,000.
The Germantown Industrial Development Board voted to approve an economic impact plan for a proposed mixed‑use project called "The Standard of Germantown" and referred the plan to the Germantown Board of Mayor and Aldermen and the Shelby County Commission with a recommendation for approval. The motion, moved by board member Yonda and seconded from the floor, set a maximum incremental tax cap “not to exceed $35,500,000.”
The decision followed a 30‑minute public‑comment period in which residents raised sharply divergent views. Susan Burnett, of 2223 Otterburn Lane, urged rejection and said she had emailed the board “my factual analysis of why the standards proposal for TIF financing should be rejected,” arguing the developer purchased and demolished property in 2022 and that the city could lose millions of dollars in foregone tax revenue over a 20‑year period. Several other speakers,…
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